Morningstar - Q1 2024 - 62

Investors
Keeping Cool
A family lesson helped advisor
Jeff Fishman support his clients during
recent Hollywood strikes.
Charles Keenan
USER PROFILE
Even though the recent labor strikes for actors and
writers have ended, Jeff Fishman counsels
caution to his Hollywood clients as film and
television production returns to normal. Fishman,
founder of JSF Financial, based in Los Angeles,
relies on an old family mantra to guide his clients
through these volatile times in the markets.
" My grandfather's lesson was always to keep
an even keel, " he says. " You can't let your lows get
you too low, and you can't let your highs get you
too high. "
Those words of wisdom resonated with many of
Fishman's clients last year, when many writers and
actors weren't earning any income from
employment. The walkouts by two major unions
were historically long and crippled Hollywood
by occurring at the same time. Yet settlements by
the Writers Guild of America and the Screen
Actors Guild-American Federation of Television and
Radio Artists mean that many are returning to
work in 2024.
Some of the major studios are talking about costcutting,
though, so nothing's a given. Which
means that for Fishman and these clients, much
work needs to be done. It's time again to save, pay
down debt, and maybe forgo a big vacation.
" This is going to be a recovery year, " Fishman says.
" Clients need to replenish savings from what
they had to take out last year, if they had no other
ancillary sources of income. "
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Morningstar Q1 2024
Not all of Fishman's clients are actors and writers.
He also works with heads of studios, production
company owners, and entertainment lawyers,
with the industry making up about half his
business. His roster also includes professionals
such as doctors, accountants, and sports stars.
Getting Prepared
While these clients might not face the same
volatility of contract work, the strikes are
a reminder that anyone can be vulnerable to
financial setbacks. Fishman and the entertainment
industry anticipated the labor stoppages well
in advance, so he was able to work with clients to
get ready for tougher times. But clients-and
advisors-need to be ready for the next disruption.
" We could see the strikes coming a little
bit more easily than maybe some other things, "
Fishman says. " But they still reinforce
why it's so important to be prepared for life's
uncertainties and eventualities. "
Clients like that approach, and Fishman's affable
and humble nature. He has built a formidable
roster over the last 28 years, mainly through
referrals. Assets had grown to over $2 billion by
mid-November, up from roughly $1 billion
four years ago. The firm serves 1,200 households,
about $2 million for the average client.
Fishman's financial planning work includes
the full range of services, such as reviews of
assets and liabilities, strategies for cash flow and
budgeting, liability and risk management,
education planning, pension analysis, retirement
income and lifestyle planning, estate planning, tax
minimization strategies, and coordination
with tax and legal advisors. The firm also handles
investment management and private wealth
management. Fees are generally 1%, but financial
planning fees can range from $600, all the
way up to $100,000 for complex financial issues,
more suited to his wealthiest clients.
No matter the level of wealth, with the financial
world constantly in flux, Fishman says it's
important to keep a close eye on people's finances.
" We try to meet with clients regularly, " he says.
" That communication helps you be able
to work with them to make good decisions. "
Interest rates drive part of the conversation
today. One obvious action is to put cash
into instruments with some yield, such as money
market funds, U.S. Treasuries, and short-term
bond funds.
Fishman has also pressed clients who didn't
make much income last year to do Roth IRA
conversions. " Every calamity is also an opportunity, "
Fishman says. " You just have to figure out
where it is. "
Interest in Law, Passion for Finance
Fishman developed his passion for finance
while growing up in Hancock Park in Los Angeles.
His father and grandfather were major role
models. His dad ran an insurance brokerage,
pushing him to think about personal finance. From
his grandfather, he learned how to not get
too emotional and try to make good decisions.
He went to college at Yeshiva University in
New York, majoring in economics and
communications, then earned his law degree from
Yeshiva's Cardozo School of Law, focusing
on tax and estate planning. He returned to L.A.
in 1992 to work as an associate at a law firm
but knew he didn't want to practice law
for the long haul. He enrolled in a financial
planning program at the University of California,
Los Angeles in 1994, completing it in 1995.
" I realized the impact I could have on people, "
Fishman says. " Financial decisions need to
be well-thought-out. And they could be different
for everybody, depending on what their
situation is. That's what resonated with me. "
Morningstar - Q1 2024

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